This invention relates to the maintenance of financial records and is more particularly concerned with a process for recording, balancing, and rectifying data normally maintained in a checkbook.
State-of-the-art technology exists for recording checkbook data electronically, and even for electronic check writing. See, for example, U.S. Pat. Nos. 4,222,109, issued Sept. 9, 1980; 4,308,588, issued Dec. 29, 1981; and 3,920,979, issued Nov. 18, 1975. Personal portable terminals for financial transactions are also known. See, for example, U.S. Pat. No. 4,277,837, issued July 7, 1981. It has also been proposed to substitute for a conventional passbook (that requires passbook printing machines) a "card" that is capable of providing the same functions of a passbook plus some features of an ordinary calculator. The "card" is coupled to a card reader of a separate processing unit to transfer data thereto. See Japanese Pat. No. 56-14369. However, despite the ready availability of sophisticated hardware and software for conducting a plethora of financial transactions, the ordinary task of monthly checkbook balancing and rectification remains inordinately difficult and tedious. In fact, the task of comparing a balance of checks and deposits as recorded on a bank statement with a checkbook balance is so burdensome that many users of checking accounts simply accept the bank statements as correct and ignore any discrepancies. The present invention provides a simple process for solving this problem.